Anderson / Born Closed-End Investment Companies

Issues and Answers
Erscheinungsjahr 2012
ISBN: 978-94-011-2962-6
Verlag: Springer Netherland
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, Band 7, 139 Seiten, eBook

Reihe: Innovations in Financial Markets and Institutions

Closed-End Investment Companies (CEICs) were the dominant form of investment companies in the United States during the early part of this century, but interest in them declined after the 1929 stock market crash. Since 1985, however, there has been a significant revival of interest in CEICs. A substantial amount of academic research has focused on the nature of closed-end funds, discounts and premiums, and on the share price behavior of these firms, which often results in the prices differing from the net asset value of the shares. This book is designed for the academic researcher interested in CEICs and the practitioner interested in using CEICs as an investment vehicle. The authors summarize the evolution of CEICs, present the factors that cause CEIC shares to trade at different levels from their net asset values, provide a complete survey of the academic literature on this topic, and summarize the current state of research on CEICs.

Zielgruppe

Research

Autoren/Hrsg.

Anderson, Seth

Born, Gustav V. R

Inhaltsverzeichnis

1. An Introduction to Investment Companies.- 2. A Brief History of Closed-End Investment Companies.- 3. Summary of the Hypothesized Factors for Close-End Fund Discounts.- 4. Academic Studies.- 5. Explanation Summary of Discounts and Premiums.- 6. Conclusion.